1. It is difficult for the new CEX to compete with the previous ones, as various advantages such as products and liquidity are too obvious. Many things cannot be achieved in a short period of time just by obtaining funding. 2. However, this cycle has seen the rise of many local compliant exchanges, such as Bybit. No matter how big the world is, in a country like Brazil, our local team may not have as many people as the local exchange, nor may they be better able to compete than the local exchange. Local compliance exchanges can be more focused. 3. If any exchange wants to stay in the industry for a long time, compliance is the inevitable path, and there is no other choice.